Parties That Are Usually Secondarily Liable for an Instrument Are

question 5

Multiple Choice

Parties that are usually secondarily liable for an instrument are:

• A) indorsers and drawers.
• B) makers and indorsers.
• C) makers and acceptors.
• D) acceptors and drawers.

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Definitions:

Shipment Contract

A contractual agreement where the seller is obligated to transport goods to a specific destination, with risk passing to the buyer when the goods are delivered to the carrier.

F.O.B. Hilltop Farm

A shipping term indicating that the buyer assumes responsibility for the goods once they are shipped from Hilltop Farm.

Intrastate Trucking Company

A company that operates trucks only within the boundaries of a single state, not crossing any state lines.

Lost In A Fire

Describes items, possessions, or assets that have been destroyed or severely damaged due to a fire incident.